TINC publishes its annual report 2019 - 2020 - Resilient TINC continues to grow its portfolio

HIGHLIGHTS

• The portfolio result for the past financial year amounts to € 22,5 million (compared to € 24,8 million in the previous financial year). This translates into a net profit of € 17,8 million;

• The Net Asset Value (NAV) increases to € 445,7 million or € 12,26 per share (versus € 331,3 million or € 12,15 per share on June 30, 2019) and this after deduction of the distribution to the shareholders of € 13,6 million or € 0,50 per share in October 2019;

• A distribution of € 0,51 per share is proposed to the shareholders, an increase of 2% compared to the previous financial year;

• The investment portfolio contains 22 participations in Belgium, the Netherlands and Ireland with a fair value of € 340,3 million. This portfolio is valued based on a weighted average discount rate of 7,82% (7,94% at June 30, 2019);

• During the past financial year, TINC made € 107 million of new investment commitments. This includes the acquisition of an interest in a public-private partnership in Ireland, an 80 MW wind farm in the Netherlands, data centers in Belgium and the increase of the existing commitment to portfolio company GlasDraad in the Netherlands. In addition, TINC acquired an interest in two public-private partnerships in the Netherlands under existing contractual investment commitments;

• The outstanding contractual investment commitments amount to € 64,1 million at the end of the past financial year. Through the combination of the current participations and the outstanding contractual investment commitments, the portfolio of TINC will grow over time to approximately € 405 million;

• The cash position amounts to € 103,3 million at the end of the financial year, after the capital increase of € 112,7 million in December 2019;

• The participations showed overall strong operational resilience under the Covid-19 and continued to function without material disruptions or problems;

• The annual report for the 2019-2020 financial year is available on the website of TINC (www.tincinvest.com), together with, as from September 19, the documents for the ordinary and extraordinary general meeting of October 21, 2020.